Corpus ID: 167613910

BRIBES AND FIRM VALUE

@inproceedings{Ross2014BRIBESAF,
  title={BRIBES AND FIRM VALUE},
  author={S. Ross and M. Bennedsen and Denis Gromb and M. Guadalupe and U. Peyer},
  year={2014}
}
  • S. Ross, M. Bennedsen, +2 authors U. Peyer
  • Published 2014
  • Business
  • I treat the UK Bribery Act 2010 as an exogenous sho ck to UK firms’ cost of using bribes and examine whether bribes are used to create firm valu e. I find that UK firms operating in highcorruption regions of the world suffer negative abn ormal returns at the time of the Act’s passage. The value of a firm operating exclusively in the world’s most corrupt regions declines by 6.2% compared with one operating exclusively in the least corrupt regions. The effect is stronger for firms that are not… CONTINUE READING
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